LL began a consulting business on 1/1/2016. Her business is
Question: LL began a consulting business on 1/1/2016. Her bu…
LL began a consulting business on 1/1/2016. Her business is organized as a C (Regular Corporation) called L & L, Inc. Lucy owns 100% of the company’s stock.
Income and expense information for 2016:
Revenue- 1,020,000
Operating Expenses-870,000
Qualified Dividend paid to Lucy during year-100,000
Lucy did not receive any salary from the business
Lucy and Jason (married filing joint return, no children)
Jason salary- 142,000
Total itemized deduction for couple- 28,000
- Calculate the taxable income and the income tax for the corporation and for Lucy and Jason